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Hi there lender pros!

I have someone who is looking to refi their home because they will be going adjustable in March. Here is the scenario that seems to be a problem.

  1. BK- The BK is 19 months out. She had  the BK but not the spouse and was able to get the mortgage only after 2 months out but now are having problems to refi because of the BK
  2. No mortgage lates- healthy mortgage history with no lates on current home for 17 months. Spouse had a few lates in 2005 on his  previous home.
  3. Self employed for a year w/ additional income that can be documented for her and he has been employed for 19 years with the same company.
  4. Healthy trade lines for both
  5. Mid score of 642 for her and spouse is mid 600s also.

 

So why can't these people get a refi on their current home? If you are able to help PLEASE let me know!!

 

2 Comments on Need a refi in Ma- help please!

Your clients should be able to get an FHA refi up to 95% LTV. Some lenders will not take them because of the BK and with all the foreclosures going on but as long as she has been in the BK for over a year and doesn't have any lates she should qualify. If you can't get anyone to approve that loan, let me know. I can do loans in all 50 States. I have done several like this. Call me at 800-444-5007 Ext 5653. If she has a credit report that would be great. I'd love to see it first. Depending on the LTV, she could need MI too.

 Dick

11/19/2007 01:53 PM by Dick Piehl, Indymac Bank

FHA is a good choice.  The other bit of information that would be good to know is amount of equity in house.  If they have a better equity position then the BK may not hurt so much in other loan scenarios.

11/19/2007 02:04 PM by Matthew Rosov, Certified Mortgage Planning Specialist (Envision Lending Group)

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Real Estate Agent: MAUREEN STACCATO Associate Partner Massachusetts (KELLER WILLIAMS OF PIONEER VALLEY)
MAUREEN STACCATO Associate Partner Massachusetts
Springfield, MA
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KELLER WILLIAMS OF PIONEER VALLEY

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